09:35 - 16.10.2026

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October 16, Fineko/abc.az. Oil prices eased on Friday ​but were heading for weekly gains on the uncertainty over Middle East supplies and a larger-than-expected crude ‌stocks draw in the United States.

As of 09:29, December Brent crude futures on the London ICE Futures Exchange fell by $0.48 (0.45%) to $105.44 per barrel. Following the trading on October 15, their price decreased by $0.14 (0.13%) to $105.92 per barrel.

On the New York Mercantile Exchange (NYMEX), November futures for WTI crude oil declined by $0.51 (0.52%) to $97.46 per barrel by 09:29. Following the previous session, the value of these contracts increased by $2.88 (3.03%) to $97.97 per barrel.

On Thursday, WTI rose by more than 3% amid a significant reduction in oil reserves in the U.S., including due to production disruptions caused by the hurricane.

Since the beginning of the week, Brent has risen by 0.69% and WTI by 6.11%.

According to the American Petroleum Institute (API), crude oil reserves in the U.S. dropped by 11.1 million barrels in a week.

The International Energy Agency agreed on Thursday to release over 20 ​million barrels of diesel to the ​market and any oil ⁠remaining from a record release of emergency reserves pledged in March to boost supply and cool soaring prices.

During the previous trading session, oil prices rose overnight in a sign that "investors ​were dissatisfied with these measures," Haitong Futures said in a note on Friday.

"Uncertainty in the ​Middle East and concerns over the sustainability of oil flows through the Strait of Hormuz ⁠has the market pricing in a significant risk premium," ING analysts wrote in a note on Friday.

There needs to be ​some kind of agreement between the US and Iran to provide the market with more confidence that stronger oil flows ​from the region will continue, they added.

Brent crude futures fell 71 cents, or 0.67%, to $105.21 a barrel by 0352 GMT, while US West Texas Intermediate crude futures were down 77 cents, or 0.79%, to $97.20.

WTI settled up more than 3% on Thursday after a big US crude stock ​draw on hurricane production shut-ins.

For this week so far, Brent increased 0.44%, while WTI jumped 5.81%.